Errors and Omissions Insurance in New Hampshire

Also providing errors and omissions insurance to residents in Massachusetts, Maine, Rhode Island, & Vermont.

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What is errors and omissions insurance?

For New Hampshire professionals who provide specialized advice, the potential risk of financial responsibility arising from unintended mistakes or negligence is significant. This is where errors and omissions insurance may help.

Errors and omissions insurance is a particular kind of liability insurance crafted for professionals who advise clients. It usually covers cases of professional error or negligence.

Which professionals in New Hampshire might need E&O insurance?

New Hampshire professionals who provide specialized advice for a fee may need E&O insurance. It’s primarily for professionals who advise clients, rather than those who practice a hands-on skill. 

Some examples of professionals who give advice and thus might want this coverage include:

• Legal Professionals: Lawyers, paralegals, other legal aids
• Financial Professionals: Investment advisors, tax planners, wealth managers
• Real Estate Professionals: Realtors, agents, brokers
• Design Professionals: Architects, civil engineers
• Trust and Estate Professionals: Executors, trustees

Sometimes professionals working in the trades also get E&O coverage, usually within a broader insurance policy. In these cases, E&O might apply when the professional advises a client on an issue. The coverage usually won’t protect against errors in work completed. This might be useful to general contractors, landscapers, plumbers, electricians, HVAC professionals and others.

When professionals provide a specialized skill, additional coverage is usually needed in case there’s a mistake in actual work. Trade professionals might get the additional coverage through something like builders risk insurance. Other fields may require an altogether different policy, such as medical malpractice for healthcare providers.

If professionals have doubts about whether E&O insurance or another type of professional liability insurance is suitable for them, they should seek advice from a knowledgeable insurance agent. An agent who’s specialized in E&O insurance and other types of professional liability can recommend the most appropriate policy for a particular line of work.

What mistakes are usually covered by E&O policies?

E&O policies usually safeguard a wide spectrum of professional errors or oversights. While exact protections can vary with any insurance policy, E&O policies may cover situations such as:

• Real estate agent failing to disclose a property’s specially designated status, causing unexpected expenses for the new owner.
• Legal aid missing an essential deadline for submitting documents, which could jeopardize the client’s case.
• Financial advisor making a numerical error when processing the client’s trade, resulting in substantial financial losses.
• Tax advisor making a miscalculation on tax returns that leads to penalties and additional charges for their client.
• Architect delivering incorrect load-bearing calculations, causing expensive delays and changes in a client’s construction project.
• Public relations consultant forgetting to check a PR campaign’s legal compliance, causing reputational harm and penalties for the client.

What does “claims made” coverage signify in an insurance policy?

“Claims made” is a phrase frequently found in E&O policies. It generally means that the policy provides coverage based on the time a claim is filed, as opposed to when the alleged mistake or negligence happened. This becomes particularly beneficial when the precise timing of an incident is hard to determine.

While evaluating the coverage period of a “claims made” policy, professionals should pay careful attention to:

• Retroactive Date: This normally represents the earliest date when an incident could have happened for a claim to be covered by the policy, regardless if the claim is filed within the policy’s term. If the incident took place before this date, the claim might not be covered. 
• Tail Coverage: This normally extends the timeframe during which claims can be filed after the policy’s expiration date. If a claim is made during the extension, it’s likely to be covered. 

An insurance agent specializing in E&O policies can provide more in-depth guidance on retroactive dates and tail coverage options.

How can New Hampshire professionals acquire errors and omissions insurance?

If you need assistance in choosing an errors and omissions insurance policy in New Hampshire, reach out to the independent insurance agents at Isurance24. We’ll work with you to identify a policy that offers robust protection against the risks inherent in your profession.